What is an ‘offer in compromise’?

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What is an ‘offer in compromise’?

I have an IRS issues and can’t afford the amount due.

Asked on September 15, 2018 under Business Law, New York

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

An "Offer in Compromise" is an IRS program which allows certain eligible individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt. The IRS will consider your ability to pay; income, expenses and asset equity. Here is a link to the applicable IRS information: https://www.irs.gov/payments/offer-in-compromise


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